Analysis & Opinion

WASHINGTON (Reuters) - Former Colombian finance minister Jose Antonio Ocampo said Friday he was withdrawing his candidacy for World Bank president to allow developing nations to rally behind a single nominee to challenge the United States for the job.

Ocampo said Nigerian Finance Minister Ngozi Okonjo-Iweala would be "an excellent candidate for the position."

"As we move into the final phase, it is clear that the process is shifting from a strict merit-based competition, in which my candidacy stood on strong grounds, into a more political-orientated exercise," Ocampo said in a statement.

"In this process, I stand on weaker grounds due to the lack of open support from the government of my home country, Colombia, and how that has handicapped the gathering of stronger political support for my candidacy," he added.